Game fees – Lyon Infocite http://lyon-infocite.org/ Wed, 23 Nov 2022 05:00:07 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://lyon-infocite.org/wp-content/uploads/2021/07/icon-2-150x150.png Game fees – Lyon Infocite http://lyon-infocite.org/ 32 32 Commercial property values ​​plummet as scared lenders pull out https://lyon-infocite.org/commercial-property-values-plummet-as-scared-lenders-pull-out/ Wed, 23 Nov 2022 05:00:07 +0000 https://lyon-infocite.org/commercial-property-values-plummet-as-scared-lenders-pull-out/ When British property investor Graham Clemett bought McKay Securities in May, he had a clear plan. He would split the British owner’s assets in two, integrate his office portfolio into Workspace, the property trust he manages, and sell his warehouses. But his idea was misguided. “We had a lot of interest [from buyers] over the […]]]>

When British property investor Graham Clemett bought McKay Securities in May, he had a clear plan.

He would split the British owner’s assets in two, integrate his office portfolio into Workspace, the property trust he manages, and sell his warehouses.

But his idea was misguided.

“We had a lot of interest [from buyers] over the past six months or so. But people have come back and reduced the price to levels that we don’t think are reasonable,’ said Clemett, who still owns around £150m worth of warehouses. “It’s a bit of a struggling seller’s market right now.”

Globally, commercial property owners have been caught off guard in recent months as borrowing costs have soared. Some lenders, unsure of where rates and property values ​​will settle, choose to walk away.

The mood in the industry – which was relatively optimistic at the start of this year – has quickly darkened, with some high profile investors now warning of a lack of funding in parts of the sector.

“We are sitting in a market that is close to a credit crunch,” said Raimondo Amabile, global chief investment officer at PGIM Real Estate, an arm of US insurer Prudential Financial, whose fund is one of biggest investors in the United States, France, Germany and the United Kingdom.

“The banks are frozen. . . In Milan, London, etc., there are still finances, but the costs are two to three times what they were a year ago.

“There is going to be a correction”

After enduring the worst of the Covid pandemic, which emptied shops and offices across Europe and North America, commercial property investors were more optimistic as restrictions were lifted this year.

But soaring energy prices and rapid inflation have driven home borrowing costs higher since the start of the year, leaving a trail of collapsed real estate transactions and scared homeowners.

The Sonia 5-year swap rateused by UK lenders to price loans, has quadrupled in the past 12 months to 3.9%.

You see a snapshot of an interactive chart. This is probably because you are offline or JavaScript is disabled in your browser.

Central bank rate hikes have also made commercial real estate less attractive on a relative basis: after a jump in September, UK 10-year government bonds outperformed real estate for the first time since 2007, according to MSCI, although they are less risky than offices. or shops.

“There is going to be a correction,” said Mark Allan, boss of FTSE 100 property company Landsec, one of three UK-listed landlords who reported valuation declines last week.

Last month, the MSCI UK property index – which tracks shops, offices and warehouses worth tens of billions of pounds – fell a record 6.5%, eclipsing even the biggest falls monthly losses suffered during the 2008 financial crisis and Covid.

Allan said he would not be surprised if values ​​fell 15-20% in some areas, wiping tens of billions of pounds off the sector.

Offices among the most exposed

Office owners, still grappling with the fallout of the pandemic, are among the most at risk.

Occupancy rates are half pre-Covid levels in the UK, at just 30%, according to Remit Consulting. The office stock in England is falling to fastest rate for 20 years as employers reassess, according to an analysis of company rate data by law firm Boodle Hatfield.

Development costs have also skyrocketed. A major London office owner said the cost of debt to finance a new development project had risen from 8% to 14% in the past two months.

“The entire capital markets have been affected, but housing finance is far worse than anything else,” they said.

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Parts of the US market are even more difficult. Amabile, of PGIM, said older offices with poor environmental standards were most at risk, especially as more staff chose to work from home.

“The secondary office sector in the United States is not uninvestable, but no one wants to finance it. There is a belief that it is a failed asset,” he said.

Even newer offices could be at risk as tech job cuts would reduce demand, he added.

When loans on older offices come due for refinancing “You will see such a drop in values ​​that unless a borrower can invest a significant amount of equity, they will have to return the keys, then the lender will bring market this at a distress level,” said Jack Creedon, co-head of the real estate practice at law firm Ropes & Gray, whose clients include private equity firms and family offices.

“[We] could see 20-30% of the existing office market disappear in the United States. They will never be rented again.

Lenders pull out

Fearful of taking out loans against offices, shops and warehouses with plummeting valuations, many lenders are pulling out and granting only the safest loans.

According to Peter Cosmetatos, Managing Director of the Commercial Real Estate Finance Council in Europe.

Insurers such as Aviva and Legal & General and private investors Blackstone and Starwood became increasingly active in the years following the financial crisis. In the UK, insurers and other alternative funds now represent as many loans as national banks.

Those still in the market today focus on trusted customers.

“Most lenders are still open for business, but this is definitely the right asset, the right sponsor, the right price,” Cosmetatos said.

Jason Constable, Head of Property at Barclays Corporate Banking, said: “Barclays is a life-cycle lender to the property market and we will continue to support the right transactions for the right clients, on a risk-adjusted basis for reflect current macroeconomic conditions”

Alternative lenders are also falling back.

“It’s just being responsible – we don’t want to lend to lose money,” said a challenger bank executive.

It’s a similar picture in the United States, according to Creedon. As banks try to reduce their exposure to a sector along the way, “a few customers are being asked by lenders if they’re willing to buy loans against desks for 90 cents on the dollar,” he said. declared.

Not as bad as 2008

Despite the setback, commercial real estate professionals seek solace in a repeated refrain: This crisis will not be as severe as it was in 2008.

“We are completely wrong to think of what we see today through the lens of [financial crisis]”Exuberant lending” from “homogeneous sources” exposed both borrowers and banks in 2008, he added.

Stricter regulation since has reduced the risks.

“I wouldn’t say there’s a credit crunch right now or a looming crisis,” said Lisa Attenborough, head of debt advice at Knight Frank Capital Advisory. “The debt market is in such a different place: you have the banks, private lenders, insurers, foreign investors and debt funds – hundreds of them [able to lend].”

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Whether borrowers can afford higher interest payments is another question.

So far, forced sales are not common. But some salespeople don’t have the luxury of sitting still.

“You see funds facing redemptions and asset sales and these are available at attractive valuations,” said Simon Carter, boss of FTSE 100 owner British Land.

Nick Sanderson, CFO of London-based developer GPE, is an eager buyer and is seeking around £900m in deals.

UK property funds sell assets quietly, he said: “this is not a market where you put things high and wide and beautiful.”

Eventually, borrowers in the US and Europe will be pushed into the market because their mortgage terms are ending and they can’t afford to refinance at much higher rates.

According to a study by Bayes Business School, commercial property loans valued at around £150 billion are expected to be refinanced over the next five years in the UK.

Bayes estimated there could be a funding gap of £27-37bn when these loans are refinanced due to falling valuations.

In the United States, Creedon predicted there would be more distressed business next year.

“We are returning to the ‘old normal’. The last 10 years are an exception [with] free money and ridiculously low rates. Are we in a new cycle? The answer is yes,” he said.

Additional reporting by Siddharth Venkataramakrishnan and Emma Dunkley in London

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FTX Contagion hits the Winklevoss twins as crypto lenders come under fire https://lyon-infocite.org/ftx-contagion-hits-the-winklevoss-twins-as-crypto-lenders-come-under-fire/ Wed, 16 Nov 2022 16:24:07 +0000 https://lyon-infocite.org/ftx-contagion-hits-the-winklevoss-twins-as-crypto-lenders-come-under-fire/ (Bloomberg) — The fallout from Sam Bankman-Fried’s rapid FTX collapse is rippling through the crypto world, trapping the Winklevoss billionaire twins in a liquidity squeeze at their lending partner, Genesis. Bloomberg’s Most Read Genesis is suspending redemptions and new loans in its lending business after the unit faced withdrawal requests that exceeded current liquidity. Gemini […]]]>

(Bloomberg) — The fallout from Sam Bankman-Fried’s rapid FTX collapse is rippling through the crypto world, trapping the Winklevoss billionaire twins in a liquidity squeeze at their lending partner, Genesis.

Bloomberg’s Most Read

Genesis is suspending redemptions and new loans in its lending business after the unit faced withdrawal requests that exceeded current liquidity. Gemini Trust Co., founded by Cameron and Tyler Winklevoss, later announced that its retail investor yield product would also stop redemptions because Genesis was a key partner in the program.

The crypto world, initially built on the principle of decentralization but which has evolved into a full-fledged financial ecosystem with loans of digital assets, is facing a settling of scores following the bankruptcy of FTX . Regulators are investigating whether Bankman-Fried and his associates misused client funds.

At stake is whether a crisis of confidence overturns the lucrative borrowing, lending and crypto mining business and causes an industry-wide downturn.

Genesis, a counterpart to many in the industry, has been closely watched as an indicator of industry strength – or signs of contagion. Gemini, whose Earn program offers clients the chance to put their “crypto to work” in exchange for returns above 8%, is one of Genesis’ largest lenders. A year ago, it had issued $4 billion in crypto loans.

“We are working with the Genesis team to help customers withdraw their funds from the Earn program as quickly as possible,” Gemini said on its website. “We will provide more information in the coming days.”

“This does not affect any other Gemini products and services,” the company added. “All client funds held on the Gemini exchange are held 1:1 and available for withdrawal at any time.”

BlockFi, Travel

Crypto lenders BlockFi Inc. and Voyager Digital Ltd. are also under pressure.

BlockFi, which on Monday said it has “significant exposure” to FTX and its related entities, is preparing for a potential bankruptcy filing, The Wall Street Journal reported. Voyager, which Bankman-Fried was going to save in a $1.4 billion deal, is now writhing in the wind, trying to find a replacement buyer for its assets.

Investors such as crypto hedge fund Galois Capital, which reported “significant” funds locked up on FTX’s platform, are also feeling the impact. Even miners are affected as the fall in crypto prices caused by the collapse of FTX has also put additional pressure on profits.

But it is crypto lenders who are feeling the most acute pressure after a year of persistent downward pressure on digital asset prices and multiple high-profile blowouts, including algorithmic stablecoin TerraUSD and hedge fund Three Arrows Capital.

Celsius Network Ltd., itself a crypto lender, was one of the main causes of these collapses earlier this year. He filed for bankruptcy protection.

Equity Infusion

Genesis said last week it would receive a $140 million equity injection from its parent company, Barry Silbert’s Digital Currency Group, after it revealed its derivatives business had $175 million tied up in a FTX trading account.

Although Genesis is one of the oldest and best-known crypto brokers, in recent years it has also created one of the largest digital asset lenders, allowing funds or other custodians marketers to borrow dollars or virtual currencies to profit from their transactions.

The loan business was already in trouble when Three Arrows collapsed. He had provided a $2.4 billion loan to the now bankrupt hedge fund, which was run by Su Zhu and Kyle Davies.

Requests to withdraw funds exceeded available cash at Genesis Global Capital, its lending arm, according to interim managing director Derar Islim. The New York-based company has hired advisers to explore all possible options, including raising new funds, and will present a plan for its lending activities next week, Islim said. Alvarez & Marsal and the law firm Cleary Gottlieb are advising Genesis.

The move will only affect lending businesses, according to Islim, who said Genesis’ cash trading and derivatives and custody businesses “remain fully operational.”

Lending activity declined significantly, with loans falling to $8.4 billion in the third quarter from $44.3 billion in the first three months of the year.

Genesis had downsized before its last cut. The company cut 20% of its then 260 employees in August and named Islim as interim CEO, replacing Michael Moro.

Announced departures include Noelle Acheson, who left her position as head of market analysis; Matthew Ballensweig, who stepped down as co-head of sales and trading and said he would take on an advisory role; and Michael Patchen, who left after three months as Chief Risk Officer.

Digital Currency Group also controls Grayscale Investments, which offers the Grayscale Bitcoin Trust, or GBTC, the largest investment vehicle in the crypto market. The trust is trading at around 40% discount to the market price of Bitcoin.

Crypto prices, which have been falling since FTX’s troubles began earlier this month, extended losses on Wednesday, with Bitcoin falling as much as 2.9%. The world’s largest cryptocurrency has fallen about 75% from a record close to $69,000 hit about a year ago.

–With the help of Muyao Shen.

(Updates with Gemini program details beginning in the fifth paragraph.)

Bloomberg Businessweek’s Most Read

©2022 Bloomberg LP

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UK high street lenders toughen crypto stance on fraud concerns https://lyon-infocite.org/uk-high-street-lenders-toughen-crypto-stance-on-fraud-concerns/ Mon, 14 Nov 2022 04:00:22 +0000 https://lyon-infocite.org/uk-high-street-lenders-toughen-crypto-stance-on-fraud-concerns/ UK lenders are toughening their stance on cryptocurrencies, citing a growing wave of scams involving highly volatile and speculative assets. Their stance contrasts with some fintechs pushing deeper into the sector, despite falling prices and collapsing major players. FTXone of the world’s largest crypto trading platforms, unfolded in spectacular fashion last week with rival Binance […]]]>

UK lenders are toughening their stance on cryptocurrencies, citing a growing wave of scams involving highly volatile and speculative assets.

Their stance contrasts with some fintechs pushing deeper into the sector, despite falling prices and collapsing major players. FTXone of the world’s largest crypto trading platforms, unfolded in spectacular fashion last week with rival Binance dropping an eleventh-hour bailout and leading to contagion fears.

“FTX’s collapse is just another data point that tells us we did the right thing,” said Paul Davis, director of fraud prevention at TSB, which blocked the buys. of crypto last year. “The risks to consumers are enormous.”

Santander UK and Virgin Money have taken action to limit or prevent customers from buying cryptocurrencies in the coming months.

Santander said earlier this month that it will limit the amount customers can spend on cryptocurrency exchanges using online and mobile banking payments from November 15. to block all faster payments to cryptocurrency exchanges next year.

Virgin will restrict existing customers as well as new customers from purchasing cryptocurrencies by the end of this month.

“Due to the increase in the number of fraudsters using cryptocurrency to obtain funds, we have written to customers to let them know that we will no longer be processing cryptocurrency payments in the future,” Virgin said. .

Their measures reflect the cautious approach taken by most high-street lenders towards cryptocurrencies, which a senior banker said had become “the main cash-out route” for fraudsters.

While TSB became the first bank to ban all cryptocurrency payments from customers last year, lenders such as Lloyds, NatWest and Virgin banned cryptocurrency credit card purchases in 2018.

A number of lenders also started blocking payments to Binance in 2021, after the Financial Conduct Authority said it was Unauthorized to undertake crypto business in the UK.

Barclays does not currently limit payouts to exchanges except Binance, while other lenders, such as NatWest, limit payouts to specific exchanges which they say pose “the highest risk of financial harm”. .

Annual losses from crypto fraud reported to Action Fraud, the UK’s national reporting centre, had topped £160 million by the end of August, already more than the amount for all of 2021.

“It’s just a paradise for scammers,” said a senior executive at one of the biggest high street banks, with more than a fifth of payouts at some exchanges being fraudulent. “We need to regulate crypto and we haven’t.”

A House of Lords report released on Saturday also raised concerns about the use of cryptocurrencies for fraudulent purposes and called on the government to work with the private sector to tighten “know your customer” controls.

“We think it’s understandable that banks are treating it as a red flag,” said Baroness Nicky Morgan, chair of the House of Lords committee behind the report and non-executive director of Santander UK. “From the evidence we’ve heard and seen, crypto is often implicated in cases of fraud.”

The FCA said last month that the number of potential crypto scams reported by consumers jumped 55% in the year to the end of March, compared to a year earlier.

The regulator said it did not order banks to stop allowing transfers to cryptocurrency exchanges, but stressed that digital assets are “high-risk and largely unregulated investments.”

The upcoming Financial Services and Markets Bill will allow for greater regulatory oversight of the crypto industry. Currently, the FCA only oversees the companies’ approach to anti-money laundering.

CryptoUK, a trade body for the digital asset industry, said fraud was increasing across the board, not just related to cryptocurrencies.

“There are many ways scammers can try to trick you into parting with your digital money. We urge investors to be smart and do their due diligence,” he added.

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WFW advises lenders on €29.5 million CEA-guaranteed loan for LNG carrier Fratelli Cosulich https://lyon-infocite.org/wfw-advises-lenders-on-e29-5-million-cea-guaranteed-loan-for-lng-carrier-fratelli-cosulich/ Fri, 04 Nov 2022 18:19:52 +0000 https://lyon-infocite.org/wfw-advises-lenders-on-e29-5-million-cea-guaranteed-loan-for-lng-carrier-fratelli-cosulich/ Watson Farley & Williams (“WFW”) advised a consortium of lenders including Crédit Agricole Italia SpA (agent bank), UniCredit SpA, Cassa Depositi e Prestiti (CDP) and Banco BPM SpA on a €29.5 million loan , supported by the Italian ECA SACE, granted to Fratelli Cosulich LNG2 Srl (“Fratelli Cosulich”) to finance 70% of the construction costs […]]]>

Watson Farley & Williams (“WFW”) advised a consortium of lenders including Crédit Agricole Italia SpA (agent bank), UniCredit SpA, Cassa Depositi e Prestiti (CDP) and Banco BPM SpA on a €29.5 million loan , supported by the Italian ECA SACE, granted to Fratelli Cosulich LNG2 Srl (“Fratelli Cosulich”) to finance 70% of the construction costs of a new environmentally friendly LNG carrier for the supply of LNG bunkering services currently being built by Chinese shipyard Nantong CIMC Sinopacific Offshore & Engineering Co.

The 5,300 ton vessel, with a carrying capacity of more than 8,200 mc of LNG and 500 mc of marine diesel, will be equipped with electric propulsion systems as well as dual technology generators and a cargo management designed and built by Wartsila Gas System. In addition to a conventional boiling gas combustion unit (“GCU”) management system, the vessel will also include an LNG “sub-cooling” plant which will completely eliminate the already limited environmental impact of the GCU.

Being therefore considered a sustainable investment, Fratelli Cousch benefited from an EU grant under the Connecting Europe Facility (CEF) programme, for which CDP acted as the Italian implementing partner.

Founded in 1857, Fratelli Cosulich, based in Genoa, is a family shipowner active in 15 countries and with an annual turnover of more than 1.5 billion US dollars.

The WFW Italy Maritime team advising the lenders was led by partner Furio Samela, assisted by senior partner Antonella Barbarito and partners Sergio Napolitano and Noemi D’Alessio.

Fratelli Cosulich was advised by the Studio Legale Turci team in Genoa, made up of partner Marco Turci and partner Lucia Pedrini.
Source: Watson Farley and Williams

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You can bet on shares of South African lenders based on… https://lyon-infocite.org/you-can-bet-on-shares-of-south-african-lenders-based-on/ Wed, 02 Nov 2022 21:09:51 +0000 https://lyon-infocite.org/you-can-bet-on-shares-of-south-african-lenders-based-on/ Sanlam Private Wealth investment analyst Gary Davids points out that there has been a notable recovery in earnings in the sector over the past year. “However, while earnings have returned to pre-pandemic levels, we have yet to see these companies return to their earnings growth trend of 11.5% per year since 1995,” Davids says. More […]]]>

Sanlam Private Wealth investment analyst Gary Davids points out that there has been a notable recovery in earnings in the sector over the past year.

“However, while earnings have returned to pre-pandemic levels, we have yet to see these companies return to their earnings growth trend of 11.5% per year since 1995,” Davids says.

More recently, the fallout from the pandemic has impacted earnings in the sector, mainly due to bad debts and high provisioning. However, according to Davids, since all-time lows in March 2020, bank stocks have shown a dramatic recovery, outperforming the JSE All Share Index by 42% over the period.

One of the biggest advantages of the sector is a captive market since banks are intimately linked to a functioning economy.

Funding for renewable infrastructure has also proven to be a new source of revenue.

Praven Subramoney, managing director of FNB Home and Structured Lending Solutions, explains that the bank offers access to secured credit to purchase and install various home solutions such as a grid-tied solar system or a solar hybrid solution with battery installation.

As an incentive, homeowners who choose to transfer their home loan to FNB and release the equity in the property will receive 61,000 eBucks that can be used to purchase solar energy – and the bank will also support the cancellation fees and registration obligations.

“Homeowners who choose to use their home loan or secured credit facility to finance a solution of this nature must weigh the financing costs against the savings on monthly electricity and water costs, which typically generate a positive net return after 4 to 7 years, depending on the cost of the purchased solution,” he says.

Kyle Durham, head of alternative energy solutions at FNB Commercial, says a solar energy solution increases the value of a property by building in business continuity and simultaneously reducing dependence on utility power. electricity or municipalities across the country, while reducing operating expenses.

There is also the possibility of being paid for the sale of solar energy generated in the national grid, as is already happening in some municipalities in South Africa and elsewhere in the world.

In August this year, Nedbank revealed that it intended to double its lending to green energy projects over the next two years.

Chief executive Mike Brown told Bloomberg that the bank’s lending to the government’s Renewable Independent Power Producers program – aimed at boosting private sector-generated electricity in the country – could rise from $29 billion. rand to around 50 billion rand in the “short to medium term”.

However, Davids notes that financial inclusion is low, with a large informal sector currently driven by cash transactions.

“In recent years, we have seen several low-cost digital banks (without physical branch networks) – powered by new financial technologies – enter the market with the aim of disrupting the industry.

“The competitive advantage of challenger banks is that they can automate the transactional side of banking and offer lower fees, which puts pressure on traditional banks’ noninterest income.

“It has increased competition as more previously excluded people are drawn into the financial system, increasing the size of the pie for everyone,” he says.


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While these offerings have increased the number of customers, large traditional banks still account for more than 95% of loans and deposits within the banking system.

The big players – Capitec, FNB, Standard Bank, Nedbank and Absa – continue to hold the profit pool and have the resources to defend their position.

Davids says bank revenues are determined by three elements:

  • Net interest income. It depends on how much money banks lend (their loan portfolio) and the interest rate differential between what they charge borrowers on loans and the rates they pay savers on their deposits, called net interest margin.
  • Non-interest income. This smaller, but not insignificant part of profits is the ability of banks to generate revenue in the economy wherever money flows. Every time you swipe a card or use a virtual card to buy a good or service, withdraw money from an ATM, or buy electricity through a banking app, your bank collects a fee (not to mention the fees of account).
  • Bad debts. This element explains the cyclicality of bank profits. The effect of bad debts on revenue is generally a function of the economic environment. The economic recessions of 2008 and 2020 led to a notable decline in the otherwise resilient earnings that underpin banks.

“South African banks are currently in a sweet spot of profitability, as they are benefiting from rising rates but not yet experiencing the pain of rising bad debts.

“There is a direct link between a change in interest rates and the profitability of banks, known as the endowment effect: when interest rates rise, banks make more money, seen through the line from net interest income to the income statement,” he says.

Davids explains that the endowment effect is accentuated by several factors, one of which is “lazy” deposits – where customers leave their money in a savings or checking account that pays a low interest rate (for example, Standard Bank at 3.85%), and the bank then lends it to another customer at prime (currently 9.75%), earning the difference. The interest rates earned on these lazy deposits generally do not adjust as quickly or evenly to the prime rate.

These deposits have increased by more than 30% since December 2019, representing around 60% of total deposits in the banking system, according to data from the South African Reserve Bank. The prime rate has increased from 7% to 9.75% since October 2021 and is expected to increase further in the coming months.

Despite all the positives, Sanlam Private Wealth believes that going forward, banking stocks may not continue to show the same level of outperformance demonstrated recently.

“The global energy crisis, rising rates, consumer fragility and the impending gray listing of South Africa by the Financial Action Task Force will begin to weigh on the sector as investors consider impact on local growth.

“Even though banks are showing resilient earnings and are well capitalized, they are particularly exposed to tail risks given their leverage and dependence on general consumer and business confidence.

“High levels of volatility in bank stock prices during times of economic and political uncertainty, however, create opportunities for investors,” Davids concludes. BM/DM

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Lender steps up outreach to Latino borrowers https://lyon-infocite.org/lender-steps-up-outreach-to-latino-borrowers/ Wed, 26 Oct 2022 13:12:05 +0000 https://lyon-infocite.org/lender-steps-up-outreach-to-latino-borrowers/ Denda noted that the bank’s reach is a consequence of its ties to the Hispanic community. The lender has long partnered with chapters of the National Association of Hispanic Real Estate Professionals to deliver financial education sessions in underserved communities. Additionally, the bank continually seeks to include people of color in its base to create […]]]>

Denda noted that the bank’s reach is a consequence of its ties to the Hispanic community. The lender has long partnered with chapters of the National Association of Hispanic Real Estate Professionals to deliver financial education sessions in underserved communities. Additionally, the bank continually seeks to include people of color in its base to create greater accessibility to Hispanic customers: “We have a high percentage of bankers who speak Spanish and we are always looking for more,” she said. declared.

Read next: Lender expands reach to Hispanic home buyers

Education is key to its outreach efforts, especially for immigrants opposed to the bank given corruption in their home countries. Such suspicion of banking institutions makes it necessary to explain regulatory protections on US banks, she suggested. The bank also does not charge any pre-approval fees, although other lenders charge fees. “People are charging Hispanics for pre-approval when they shouldn’t be charged,” she said. “So we focus very heavily on education.”

In its corporate literature, Federal Savings Bank touts Denda’s personal and professional experience listing him in good faith for the job at hand. Born in Argentina to Italian and German parents, she has an innate multicultural background, the company noted. She brings 25 years of marketing experience, including marketing some of the world’s biggest CPG (consumer packaged goods) brands after earning a master’s degree in global marketing from Harvard University. She is currently an assistant professor of marketing at Northwestern University, officials noted.

The bank joins a growing list of institutions taking steps to meet the needs of Latino borrowers. In a July interview with MPA, Rutul Davé, CTO and co-founder of Denver-based Maxwell, detailed the launch of its Spanish Mortgage Solutions, a bilingual option for mortgage applications, allowing lenders to better serve the growing Hispanic market – dramatically improving access and user experience for Latinos with limited English proficiency. In his interview with MPA, Davé pointed to limited English proficiency as one of the biggest barriers to home ownership for Hispanics, along with credit score issues.

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Elon Musk tells lenders and banks he’ll complete Twitter deal by Friday, raises $13 billion in debt – Technology News, Firstpost https://lyon-infocite.org/elon-musk-tells-lenders-and-banks-hell-complete-twitter-deal-by-friday-raises-13-billion-in-debt-technology-news-firstpost/ Wed, 26 Oct 2022 05:20:13 +0000 https://lyon-infocite.org/elon-musk-tells-lenders-and-banks-hell-complete-twitter-deal-by-friday-raises-13-billion-in-debt-technology-news-firstpost/ Mehul Reuben DasOct 26, 2022 10:50:13 a.m. IST It looks like Elon Musk will finally close the Twitter deal soon enough. In a closed meeting with investors, banks and other lendersMusk reportedly said he would complete the deal with Twitter by Friday and would soon sign the documents needed to close the deal. Musk told […]]]>

It looks like Elon Musk will finally close the Twitter deal soon enough. In a closed meeting with investors, banks and other lendersMusk reportedly said he would complete the deal with Twitter by Friday and would soon sign the documents needed to close the deal.

Musk told investors and lending banks he would complete the Twitter deal by Friday. He was also able to secure $13 billion in debt from the banks to complete the deal. Image Credit: Elon Musk | Twitter

In the process, Musk was also able to raise $13 billion in loans from banks and lenders to pursue the deal. All of this implies that the only thing left to do is for the Musk and Twitter teams to get the papers signed and filed with the proper authorities. According to people familiar with the matter, this will be the last step before the funds are released to Musk.

The banks in charge of the debt received a loan notice on Tuesday. According to people familiar with the matter, the money is expected to be blocked on Thursday.

Sources say investors backing Musk in his takeover bid to buy Twitter include equity investors like Sequoia Capital, Binance, Qatar Investment Authority and others.

The banks that committed to fund Musk’s takeover of Twitter have finished setting up the final debt financing agreement and are in the process of signing the necessary paperwork.

When news broke that the deal would finally close this week, Twitter shares jumped on the news and were trading up 3% to $52.95 on Tuesday, closer to Musk’s offer price of 54. $.20.

If all goes as planned, Musk will need to provide $46.5 billion in equity and debt financing for the acquisition, which covers the $44 billion price tag and closing costs.

If no new issues arise this week that could potentially derail the acquisition process, Musk will hold his end of the bargain to finish with the acquisition process by October 28the deadline set by the Delaware court hearing arguments in Twitter v. Musk.

As previously stated, there is a very remote, albeit real, possibility that the US government may have to step in and prevent the acquisition from happening, citing national security. As slim as those odds are, there’s a very good reason the US government might consider doing this.

Twitter, meanwhile, hasn’t responded to the developments and is waiting for a concrete moment to respond.

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To boost rupee trade mechanism, two Russian lenders open special vostro accounts https://lyon-infocite.org/to-boost-rupee-trade-mechanism-two-russian-lenders-open-special-vostro-accounts/ Sun, 23 Oct 2022 06:46:00 +0000 https://lyon-infocite.org/to-boost-rupee-trade-mechanism-two-russian-lenders-open-special-vostro-accounts/ In what will boost trade between India and Russia, two Russian lenders have opened special vostro accounts at their respective branches in Delhi, according to PTI citing sources. The two largest Russian banks – Sberbank and VTB Banks – opened the accounts after receiving approval from the RBI. Last month, state-owned bank UCO received approval […]]]>
In what will boost trade between India and Russia, two Russian lenders have opened special vostro accounts at their respective branches in Delhi, according to PTI citing sources.

The two largest Russian banks – Sberbank and VTB Banks – opened the accounts after receiving approval from the RBI.

Last month, state-owned bank UCO received approval from the RBI to open a special vostro account with Russia’s Gazprombank.

The Kolkata-based lender, among the first banks to receive regulatory approval following the RBI’s decision to promote rupee settlement, opened the account during this month.

The decision to open the vostro special account paves the way for the settlement of rupee payments for trade between India and Russia, enabling cross-border trade in the Indian currency, which the RBI is keen to promote.

The RBI allowed the vostro special accounts to invest the excess balance in Indian government securities to help popularize the new arrangement.

Reportedly, Gazprombank only faces sectoral sanctions and is not subject to the Specially Designated Nationals, or SDN, sanctions.

UCO Bank already has a vostro account facility with Iran.

Gazprombank, or GPB, is a private Russian lender and the country’s third-largest bank by assets.

Last month, the RBI and the Ministry of Finance had asked senior management of banks and representatives of trade bodies to push export and import transactions in rupees.

They wanted Indian banks to connect with their foreign counterparts to open special vostro rupee accounts to facilitate cross-border trade in Indian currency rather than the popular US dollar mode.

“Indian importers who undertake imports through this mechanism will make payment in INR, which will be credited to the special vostro account of the correspondent bank in the partner country, against the invoices for the supply of goods or services from the seller / supplier stranger,” RBI had said earlier.

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Bank shares fall more than 4% as UK lenders could be hit with extra taxes https://lyon-infocite.org/bank-shares-fall-more-than-4-as-uk-lenders-could-be-hit-with-extra-taxes/ Wed, 19 Oct 2022 21:03:37 +0000 https://lyon-infocite.org/bank-shares-fall-more-than-4-as-uk-lenders-could-be-hit-with-extra-taxes/ Bank shares fall more than 4% as UK lenders could be hit with extra taxes The UK’s biggest banks face a higher corporation tax bill and windfall tax on interest they earn from deposits stored at the Bank of England Shares of NatWest and Lloyds fell 2.4% and 4.7% respectively HSBC and Barclays fell 1.8% […]]]>

Bank shares fall more than 4% as UK lenders could be hit with extra taxes

  • The UK’s biggest banks face a higher corporation tax bill and windfall tax on interest they earn from deposits stored at the Bank of England
  • Shares of NatWest and Lloyds fell 2.4% and 4.7% respectively
  • HSBC and Barclays fell 1.8% and 2.2% respectively

Bank shares fell yesterday amid fears that UK lenders could be hit with additional taxes.

The UK’s biggest banks face a higher corporation tax bill and windfall tax on the interest they earn from deposits stored at the Bank of England.

The prospect of new levies comes as Chancellor Jeremy Hunt tries to claw back £40billion through tax hikes and spending cuts to plug the black hole in the public purse.

Bank shares fell yesterday as UK lenders feared they could be hit with additional taxes

His plans have drawn mixed reactions. While some economists believe the additional fees imposed on banks would be relatively painless, compared to drastic government spending cuts or household tax hikes, other analysts said it could make them reluctant to lend and even hurt the UK’s competitiveness.

Gary Greenwood, banking analyst at Shore Capital, said higher bank levies would be “dangerous as it could drive up the cost of capital, which could affect banks’ ability and willingness to lend”.

It could also be more difficult for banks to withdraw much-needed additional cash from investors when the economic downturn causes lending to deteriorate. Currently, banks pay corporation tax of 27% – the standard rate of 19% plus an 8% surcharge introduced following the 2008 financial crisis.

Under Rishi Sunak, who planned to raise corporation tax to 25% next year, the top-up would have fallen to 3%, bringing the overall rate to 28%. Kwasi Kwarteng waived the corporate tax hike and left the surcharge at 8%.

Shares of NatWest and Lloyds fell 2.4% and 4.7% respectively

Shares of NatWest and Lloyds fell 2.4% and 4.7% respectively

But Hunt reinstated the corporate tax hike and did nothing to reduce the surtax, meaning banks could face a total tax bill of 33%. Treasury officials said Hunt has yet to make a decision, but is expected to have an answer for the banks in his “fiscal plan” by the end of the month.

The exceptional tax is more complex. Lenders hold reserves at the Bank of England – and that sum has increased due to its note-printing scheme, designed to inject cash into the economy during the pandemic. Initially, these reserves brought in little, but now, as the Bank has raised interest rates to fight inflation, they are paid out around £10bn a year.

The Treasury is supposed to target these payments. Julian Jessop, an economist who advised Prime Minister Liz Truss, said: ‘Banks would hate it, but I would support not paying interest on any or all central bank reserves.

Shares of NatWest and Lloyds fell 2.4% and 4.7% respectively. HSBC and Barclays fell 1.8% and 2.2% respectively.

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Protecting Against Mortgage Fraud by Private Lenders: Collective Vigilance Required in the Face of Rising Interest Rates https://lyon-infocite.org/protecting-against-mortgage-fraud-by-private-lenders-collective-vigilance-required-in-the-face-of-rising-interest-rates/ Fri, 14 Oct 2022 07:22:08 +0000 https://lyon-infocite.org/protecting-against-mortgage-fraud-by-private-lenders-collective-vigilance-required-in-the-face-of-rising-interest-rates/ Overview of key points: COVID-19 has accelerated the widespread adoption of online and remote commerce Criminals have taken advantage of increased reliance on technology, causing mortgage fraud to rise In-person business is now reopening, but the pandemic’s online and remote transaction infrastructure remains largely in place, as does the threat of fraudsters feeding on it […]]]>

Overview of key points:

  • COVID-19 has accelerated the widespread adoption of online and remote commerce
  • Criminals have taken advantage of increased reliance on technology, causing mortgage fraud to rise
  • In-person business is now reopening, but the pandemic’s online and remote transaction infrastructure remains largely in place, as does the threat of fraudsters feeding on it
  • Private lenders could be an attractive target for fraud in the coming months as interest rates rise and consumers are increasingly likely to turn to non-institutional lenders
  • It is imperative that all parties involved in these transactions – private lenders, mortgage brokers, title insurers and lawyers – act with constant vigilance to guard against fraudulent activity.

The context: COVID-19 ushers in technological change

Mortgage fraud is a common problem across Canada that has increased dramatically during the pandemic due to the technological changes it has brought about. As the spread of COVID-19 accelerated in early 2020 and a global shutdown loomed, businesses raced to transition into the digital world. With unprecedented urgency, commerce has shifted from physical transactions to extensive and, in many cases, exclusive online conduct.

The result: Mortgage fraud is on the rise

The change in the nature of business transactions has strengthened the ability of businesses to continue their operations, but it has also provided fraudsters with a greatly expanded platform from which to find and exploit vulnerabilities by developing, testing and refining methods of attack. ‘offensive. Seeing an opportunity to get away with big profits before they were detected, the criminals put mortgage lenders squarely in their sights. The result is that the threat of mortgage fraud is now more pronounced than ever. It is therefore imperative that all players in the mortgage industry pay attention to this risk and prevent it.

The Emerging Landscape: Private Lenders May Face Increased Risk

In-person business is now reopening, but that doesn’t mean the threat of mortgage fraud has diminished. The online and remote transaction infrastructure adopted en masse during the pandemic remains largely intact and, therefore, so does the threat of fraudsters preying on it. This risk could be particularly pronounced in the coming months for private lenders. As the economy struggles to recover and interest rates rise to combat inflationary pressures, consumers who are finding it increasingly difficult to obtain traditional bank financing are increasingly turning to alternative mortgage lenders, including private lenders, for their borrowing needs.

Looking Ahead: Protecting Against Private Lender Mortgage Fraud

Private lenders, whether individuals, private businesses or mortgage investment companies, provide consumers with more choice in mortgage financing. However, they lack the resources and infrastructure of major institutional lenders. This can make monitoring, detecting, and protecting against mortgage fraud more difficult, especially in the face of ever-changing fraudsters’ methods. The costs of mortgage fraud reverberate widely throughout the real estate industry and affect everyone. For these reasons, it is incumbent upon all parties involved in such transactions – private lenders, mortgage brokers, title insurers and lawyers – to act with collective vigilance to guard against fraud. To borrow a common slogan of the pandemic: we are all in this together. Indeed, it is perhaps more important today than ever that players in the mortgage industry act together in the fight against fraud.

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